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Greetings from LSERS 
 

Welcome to the July Edition of LSERS Employer eNews. We would like to wish everyone a safe and Happy Independence Day.  This edition includes important information about upcoming deadlines and contribution rates.  I encourage you to contact our knowledgeable staff to assist you with any questions or concerns.

Sincerely,

-Charles P. Bujol

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Fiscal Year Transition – Important Deadlines!
July 1 to August 31 – Enrollment period for RTW under La. R.S. 11:1007 retirees. See June 2020 eNews for detailed instructions.

 July 15, Wednesday – Deadline to report active member salary contributions and retiree return-to-work (RTW) earnings. 

July 23, Thursday – Deadline to correct all exceptions. No salary contribution reporting or correction activity will be processed after that day. If you are having difficulty clearing any exceptions, please contact us as soon as possible. We are here to help!

July 24, Friday – FY2019-20 officially closed. The Salary Contribution Reporting and Corrections Form will be closed until the 31st for internal closing processes.

August 3, MondayThe Salary Contribution Reporting and Corrections Form will be reopened for FY2020-21. Prior year corrections will start being processed for FY2019-20.

August 15, Saturday – Deadline to submit FY2019-20 Retirement Annual Salary File.


Resources for your preparation:
Click here for a quick refresher course on year-end closeout processes.
 
Questions? Contact Kim Stewart at kstewart@lsers.net or 225.925.4411.

 


Employee Job Change Notification and Retain Membership Reminder

Please notify us whenever an employee changes position or is re-classified as either part-time or full-time. This information is significant when calculating an employee’s service credit, which is a major component in their retirement eligibility and their benefit calculation.

Reminder: If a member has at least 5 years of service in LSERS and changes to a position that is eligible for either TRSL or LASERS, they may choose to retain membership in LSERS by completing a Form 2R – Election to Retain Membership. The completed form must be sent to LSERS within 30 days of such change. The decision is irrevocable. Refer to R.S. 11:1120 for details.

Questions? Contact Kimberlyn Stewart at kstewart@lsers.net or 225.925.4411.


2020 Legislative Update

The 2020 regular legislative session drew to a close on June 1, 2020, and resulted in the passing of four new resolutions which are relevant to LSERS.

Representative Michael T. Johnson and Senator Beth Mizell introduced HCR 9 and SCR 34, respectively, requesting that Congress consider eliminating the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) Social Security benefit reductions. LSERS’ Board of Trustees will submit a Resolution to congress in support of these state resolutions.

Representative Lance Harris and Senator Ed Price introduced HR 21 and SR 15, respectively, requesting that state retirement systems report to the legislature on alternative methods for providing permanent benefit increases to retirees. The four State Retirement Systems are assembling a task force to begin this project.

Employer/Member Contribution Rates – Effective 7/1/2020 for FY2020-21

Employer:  28.7%
Member 1st state service date pre-7/1/2010:  7.5%
Member 1st state service date 7/1/2010 or after:  8.0%

Holiday Office Closures

Our office will be closed on the following:
Friday, July 3, 2020 – Independence Day                              

And, as always, we appreciate and welcome any and all comments, as this helps
us identify ways to make improvements for you and provide better service to our
members and employers. Feel free to provide feedback and suggestions using
the LSERS Satisfaction Survey on our "Contact Us" page on the LSERS website.

Copyright © 2020 Louisiana School Employees' Retirement System, All rights reserved.


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